After three months of declining activity, pending home sales took an upswing in October, according to the National Association of Realtors (NAR).
The Pending Home Sales Index (PHSI)
was up 3.5 percent to 109.3 in October from a downwardly revised 105.6 in September, and the index is now at its highest reading since its 110 reading in June. However, it is 0.6 percent below a year ago.
On a regional measurement, the PHSI in the Northeast was up 0.5 percent to 95.0 in October, and the Midwest index increased 2.8 percent while the PHSI in the South rose by 7.4 percent to a 123.6 reading. But the index in the West decreased 0.7 percent in October to 101.6.
“Last month’s solid increase in contract signings were still not enough to keep activity from declining on an annual basis for the sixth time in seven months,” said Lawrence Yun, NAR’s Chief Economist. “Home shoppers had better luck finding a home to buy in October, but slim pickings and consistently fast price gains continue to frustrate and prevent too many would-be buyers from reaching the market.”